Neiman Marcus enters bankruptcy protection, rival set to follow

High-end US department-store chain Neiman Marcus entered bankruptcy protection overnight and there are reports that rival Lord & Taylor is planning to follow.  Laden down with debt, Neiman Marcus has entered Chapter 11, after receiving majority support from lenders and creditors to undergo financial restructuring, substantially reducing its debt load and interest obligations. The company will receive a further $675 million in cash from existing lenders to enable it to continue to operat

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